Russell Investments Group Ltd. Raises Stake in Worthington Steel, Inc. $WS

Key Points

• Russell Investments Group Ltd. increased its stake in Worthington Steel by 16.6% during the first quarter, now owning approximately 0.18% of the company worth about $2.34 million.
• Worthington Steel reported a quarterly earnings per share (EPS) of $1.05, exceeding analyst expectations of $0.83, despite an 8.6% decline in revenue compared to the previous year.
• The company also announced a quarterly dividend of $0.16 per share, representing an annual yield of 1.9% and a dividend payout ratio of 29.36%.

Russell Investments Group Ltd. lifted its holdings in shares of Worthington Steel, Inc. (NYSE:WS - Free Report) by 16.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,441 shares of the company's stock after acquiring an additional 13,135 shares during the period. Russell Investments Group Ltd. owned 0.18% of Worthington Steel worth $2,342,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of WS. Wells Fargo & Company MN grew its position in shares of Worthington Steel by 14.0% during the fourth quarter. Wells Fargo & Company MN now owns 30,424 shares of the company's stock worth $968,000 after acquiring an additional 3,734 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Worthington Steel during the fourth quarter worth approximately $290,000. Barclays PLC grew its position in shares of Worthington Steel by 11.7% during the fourth quarter. Barclays PLC now owns 55,885 shares of the company's stock worth $1,779,000 after acquiring an additional 5,875 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of Worthington Steel during the fourth quarter worth approximately $3,706,000. Finally, MetLife Investment Management LLC grew its position in shares of Worthington Steel by 5.7% during the fourth quarter. MetLife Investment Management LLC now owns 20,041 shares of the company's stock worth $638,000 after acquiring an additional 1,080 shares during the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Worthington Steel from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $34.00.

Worthington Steel Stock Down 0.3%

NYSE:WS traded down $0.10 during midday trading on Friday, reaching $33.28. The stock had a trading volume of 151,253 shares, compared to its average volume of 187,416. The firm has a fifty day simple moving average of $31.32 and a two-hundred day simple moving average of $27.80. Worthington Steel, Inc. has a 12-month low of $21.30 and a 12-month high of $47.19. The stock has a market cap of $1.69 billion, a P/E ratio of 15.27 and a beta of 1.88.

Worthington Steel (NYSE:WS - Get Free Report) last issued its earnings results on Wednesday, June 25th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.83 by $0.22. The company had revenue of $832.90 million for the quarter, compared to analyst estimates of $800.45 million. Worthington Steel had a net margin of 3.58% and a return on equity of 9.43%. The business's revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. On average, sell-side analysts anticipate that Worthington Steel, Inc. will post 2.26 earnings per share for the current fiscal year.

Worthington Steel Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, September 12th. Worthington Steel's payout ratio is presently 29.36%.

About Worthington Steel

Worthington Steel, Inc operates as a steel processor in North America. It offers carbon flat-rolled steel and tailor welded blanks, as well as electrical steel laminations; and aluminum tailor welded blanks. The company serves various end-markets, including automotive, heavy truck, agriculture, construction, and energy.